The Prime Minister of Malta: “Cryptocurrency is the inevitable future of money”

The Prime Minister of Malta, Joseph Muscat, said during his speech at the 73rd session of the UN General Assembly that the blockchain and cryptocurrency is the inevitable future.

The Prime Minister also said that Malta was the first jurisdiction in the world, which began to actively promote new technologies and to introduce it in the legal field. Earlier, according to the Minister, she “existed in a legal vacuum”.

Recall that in June, the Maltese Parliament approved three draft laws concerning cryptocurrencies, and blockchain technologies of distributed registries.

Since then, a number of companies focused on cryptocurrencies, including the largest cryptocurrency exchange Binance, started to open offices on the island, and Binance even entered into a partnership agreement with the stock exchange of Malta.

In particular, Joseph Muscat said

The blockchain is the inevitable future of money, a more transparent mechanism would help to filter the “bad” and “good” businesses.

And the technology of distributed registries, according to the Prime Minister, can provide and secure for the patients the data about themselves, it can “confirm that humanitarian assistance reaches the target”, and it will help to improve the accountability of corporations and government.